Rare ‘Ocean Dream’ Diamond Sells for Record $17.3 Million at Christie’s

A rare 5.5-carat blue-green diamond known as the 'Ocean Dream' sold for $17.3 million at Christie’s Geneva jewelry sale, setting a record for a fancy vivid blue-green diamond at auction. The sale far exceeded its presale estimate of $9 million to $13 million after a 20-minute bidding battle. In other auction news, Sotheby’s New York sold over $433 million worth of art in its contemporary art sales, including 11 pieces from the Robert Mnuchin collection. Meanwhile, London’s Wellcome Collection agreed to return around 2,000 sacred Jain manuscripts to the Jain religious community under a new restitution framework, acknowledging they were acquired unethically. Several art fairs were announced, including Zero 10 curated by Trevor Paglen at Art Basel in Switzerland, CAN Art Fair Ibiza’s fifth edition, and Art-o-rama’s 20th edition in Marseille. Notable gallery news includes the bankruptcy and closure of French gallery Air de Paris after 36 years, and Carine Karam becoming director of Opera Gallery’s New York outpost. Hong Kong’s M+ and Paris’s Centre Pompidou announced a multi-year strategic alliance, and New York’s Frick Collection entered a three-year partnership with Louis Vuitton.

Pace Gallery Lands Brancusi Estate on Eve of Potential $100 Million Sale

Pace Gallery has secured global representation of the Constantin Brancusi Estate, announcing plans for a London exhibition this fall curated by art historian Jérôme Neutres. The news coincides with the auction of Brancusi's 1917 sculpture *Danaïde* at Christie's New York, estimated at $100 million, from the collection of late media mogul S.I. Newhouse. The estate was previously represented by Kasmin gallery, which closed last year. Pace's CEO Marc Glimcher emphasized the gallery's investment in modernist expertise and its ambition to become a market center for Brancusi works.

At Frieze New York, Business Plunks Along, Leonardo DiCaprio Alights

At the VIP opening of Frieze New York, collectors were present but subdued, with galleries presenting modest displays and sales proceeding at a sensible, sedate pace. Despite the lack of urgency, business has improved since last year, buoyed by upcoming top-tier auctions. Thaddaeus Ropac confirmed four early sales, including a George Baselitz canvas for €1.4 million and an Alex Katz work for $400,000. David Zwirner’s booth of Joe Bradley paintings was among the buzziest, with all works on hold by early afternoon, while Cindy Sherman photographs at Hauser & Wirth sold steadily. Leonardo DiCaprio made visits, and Kelly Sinnapah Mary’s paintings at James Cohan Gallery sold out, the largest to a museum.

Who Went to Venice Last Week? Jenny Saville, Glenn Lowry, Jewel, and Many Other Power Players

Artnet News reporter Katya Kazakina recounts her experience at the opening week of the 61st Venice Biennale, describing a whirlwind of art, parties, and chance encounters. Notable figures spotted include former MoMA director Glenn Lowry, singer-songwriter Jewel (who debuted her visual art show "Matriclysm: An Archaeology of Connections Lost"), and Japanese Nintendo heir and collector Banjo Yamauchi. High-profile events included Thaddaeus Ropac gallery's reception for Georg Baselitz's final paintings (priced up to $1.5 million) and François Pinault's annual party at Fondazione Giorgio Cini, attended by Selma Hayek, Lorna Simpson, and JR. The article also highlights the social dynamics of the biennale, where dealers, curators, and collectors network across historic palazzos and hotels.

A Delayed Art Dubai Opens With Fewer Galleries—but Buyers Abound

Art Dubai opened its 20th edition at Madinat Jumeirah with a significantly reduced number of exhibitors—50 largely regional galleries, down from the originally expected 120—after being delayed from mid-April due to geopolitical tensions following the U.S.-Iran ceasefire on April 8. The fair, which offered free entry for the first time and refunded booth costs for participating galleries, saw strong attendance from Gulf and Middle Eastern collectors, with an upbeat mood and a more intimate atmosphere reminiscent of pre-Covid editions. Galleries from Lebanon and other conflict-affected regions were present, emphasizing art as a form of resilience and cultural identity.

Ten years on, Tefaf New York still stands out from the crowd

Tefaf New York returns to the Park Avenue Armory from 15 to 19 May, bringing together 88 exhibitors from 14 countries. The fair, which launched in 2016 as a two-part event and consolidated into a single annual edition in 2022, spans Greco-Roman antiquities, jewellery, 20th-century design, and contemporary art. This year’s edition includes nine new exhibitors such as David Lévy, Larkin Erdmann, Piano Nobile, Macklowe Gallery, and ML Fine Art, and sees the return of John Berggruen after a three-year absence. Fair leadership, including director Leanne Jagtiani and head of fairs Will Korner, emphasize the fair’s distinctive focus on Modern art, which they say differentiates it from other spring fairs in New York that are more heavily weighted toward contemporary work.

Art Basel Curbs Pre-Fair Sales—and More Art Industry News

Art Basel has launched a "Basel Exclusive" initiative to curb pre-fair PDF sales, encouraging galleries to withhold works from previews to drive in-person discovery at its flagship Swiss event (June 16–21). Around 170 of 232 exhibitors have opted in. Meanwhile, Volta returns to Basel with a new "5,000 Edit" section for works under CHF 5,000 to attract younger collectors, and the alternative fair Esther will hold its third edition in New York during Frieze Week. In other news, Sotheby's set a U.S. record for design auctions with the Jean and Terry de Gunzburg collection totaling $96 million, and billionaire collector Mitchell P. Rales pledged $116 million to the National Gallery of Art to fund loans to smaller museums. The Smithsonian American Art Museum named Lynda Roscoe Hartigan as its new director, and Gladstone Gallery plans a new Seoul space for 2026.

5 Trends Shaping the 2026 Venice Biennale

The 2026 Venice Biennale has opened to the public, featuring the main exhibition 'In Minor Keys' conceived by the late Cameroonian Swiss curator Koyo Kouoh, who died unexpectedly in May 2025. Kouoh, the first African woman appointed to lead the Biennale, had her curatorial team—including Rasha Salti, Marie Hélène Pereira, and Gabe Beckhurst Feijoo—carry forward her vision of art as a 'shared and sustaining force.' The opening was weighted with politics and emotion.

Venice Biennale Controversies Continue, French Parliament Report Finds Flaws in Museum Security, and More: Morning Links for May 13, 2026

Iran has denied withdrawing from the Venice Biennale, with Mahdizadeh Tehrani, general director of visual arts at Iran's Ministry of Culture, stating the country still hopes to participate despite Biennale organizers announcing Iran would not be represented at its pavilion. Meanwhile, the Somalia Pavilion has sparked controversy, with the Somali Arts Foundation alleging it was led by diaspora figures and European collaborators without meaningful consultation of artists based in Somalia, and the queer collective Warbixinta Cidda demanding the removal of an Italian co-curator due to Italy's colonial history. Separately, a French parliamentary inquiry has exposed major security flaws in the country's museums, following the theft of France's crown jewels from the Louvre in October, calling for reforms in security resources and museum leadership appointments.

A $433 Million Boost for the Market

Sotheby's May 2026 auctions in New York generated $433.1 million in sales over under three hours, a 132.7 percent increase compared to the same period last spring, despite offering fewer lots. This strong performance signals a top-heavy recovery in the art market after three years of contraction. Separately, the Neue Galerie will merge with the Metropolitan Museum of Art in 2028, and Art Dubai continues despite disruptions from the U.S.-Iran war.

Funding for Ballroom Security Shot Down by Senate Authority, Art Dubai Stages Scaled-Back Edition Delayed by War, and More: Morning Links for May 18, 2026

France's minister of culture has announced the winners of an architecture competition to renovate the Louvre and build a new room for the Mona Lisa. The winning firms are STUDIOS Architecture (founded in San Francisco, now Paris-based) and New York's Selldorf Architects, with BASE handling landscaping. The project, called Louvre Nouvelle Renaissance, was delayed due to criticism over cost and necessity following the October theft of France's crown jewels from the museum. Louvre president Christophe Leribault and the culture minister have refocused the renovation on upgrading security and preserving the aging structure, with a budget of €1 billion ($1.16 billion) and construction set to begin by 2028.

Barry X Ball’s Wild Sculptures Are Perfectly at Home at Venice’s Grand Basilica of San Giorgio Maggiore

New York-based artist Barry X Ball's exhibition "The Shape of Time" has opened at the Abbey of San Giorgio Maggiore in Venice, featuring 23 sculptures centered on the elaborate silver and gold piece *Pope Saint John Paul II* (2012–24). The show, organized by curator Bob Nickas, includes many works shown publicly for the first time, such as *Pietà* (2011–22) inspired by Michelangelo and *Saint Bartholomew Flayed* (2011–20). The sculpture of John Paul II, cast in collaboration with Italian jewelry house Damiani, contains hidden references to the pope's life, including his nemeses Hitler, Stalin, and Lenin, as well as a bullet from the 1981 assassination attempt.

Inside TEFAF New York’s Annual Wealth Pageant

The 12th annual TEFAF New York fair took place at the Park Avenue Armory from May 15 to 19, attracting wealthy collectors with a mix of blue-chip art, design objects, and jewelry. Highlights included Kathleen Ryan's bejeweled 'Bad Fruit' sculptures at Gagosian, Cai Guo-Qiang's gunpowder paintings at White Cube (which sold 11 of 12 works), Sheila Hicks's textiles at Demisch Danant, and a new David Hockney painting at Annely Juda Fine Art. The fair featured 88 galleries from 14 countries, with VIP previews drawing art advisors and high-net-worth clients.

The Can’t-Miss Moments at TEFAF New York 2026

TEFAF New York 2026 opened to packed crowds at the Park Avenue Armory, showcasing a mix of historic and contemporary works. Highlights include Gagosian’s solo booth of Kathleen Ryan’s bejeweled “Bad Fruit” sculptures, Thaddaeus Ropac’s presentation of monumental canvases by Danish painter Eva Helene Pade, and Axel Vervoordt Gallery’s spotlight on overlooked Italian painter Ida Barbarigo. The fair also features collectible design and perennial favorites like Alexander Calder mobiles and Alighiero Boetti tapestries.

Does L.A’s Bold New LACMA Museum Work?

The Los Angeles County Museum of Art (LACMA) has debuted a long-awaited new building designed by Swiss architect Peter Zumthor, costing $750 million. The museum opened to the public last month with a gala for the David Geffen Galleries, and its charismatic director Michael Govan promises a new vision for how museums show art and relate to the public. Art critic Carolina Miranda joins Artnet News's Ben Davis to discuss the building's significance, having published her own analysis calling it an instant LA icon.

Rare Roy Lichtenstein Work Could Net $60 Million at Auction

A long-lost Roy Lichtenstein painting from his iconic 'Girl' series, *Anxious Girl* (1964), has resurfaced after more than 30 years in a private collection and will be offered at Christie’s 20th Century Evening Sale in New York on May 18. The work, one of only 10 comic-inspired female portraits Lichtenstein produced during his breakthrough period between 1963 and 1965, carries an estimate of $40–60 million. The consignor acquired it from legendary Pop art patrons Horace and Holly Solomon over three decades ago.

This 17th-Century ‘Supercomputer’ Could Set a New Auction Record

A rare 17th-century Mughal astrolabe, crafted in Lahore in 1612 by brothers Qa'im Muhammad and Muhammad Muqim, is heading to Sotheby's London on April 29 with an estimate of £1.5 million to £2.5 million ($2 million to $3.4 million). Weighing nearly 20 pounds and measuring the diameter of a large cooking pot, it is one of only two known astrolabes by these makers—the other resides in the National Museum of Iraq. Commissioned by Aqa Afzal, a Safavid-born deputy governor of Lahore, the instrument lists 94 cities, 38 stars, zodiac signs, and includes quadrants for trigonometry and solar calculations, blending Islamic and Sanskritic astronomical traditions.

An Alexander Calder Retrospective in Paris Underscores His Inventiveness

A major retrospective of Alexander Calder's work is currently on view at the Fondation Louis Vuitton in Paris, marking the 100th anniversary of the artist's arrival in the city. The exhibition, running through August 16, 2026, presents a comprehensive overview of his career, featuring sculptures, drawings, archival material, and jewelry that highlight his innovative fusion of engineering and abstraction.

‘Depraved in all the right ways’: why forgotten no wave visionary Gordon Stevenson is about to take off

The article profiles Gordon Stevenson, a forgotten visionary of the no wave movement in late-1970s New York, who was an artist, jewelry designer, musician, and filmmaker best known for the notorious film *Ecstatic Stigmatic*. Decades after his death from AIDS, a storage unit full of his lost work has been discovered, including jewelry, mail-art collaborations with Ray Johnson, and clues to a surviving print of his film. His family has also recovered hundreds of letters he wrote to his parents, chronicling his life in downtown New York and his experiences as one of the city's first AIDS patients. The piece traces his journey from a small town in Georgia, where he met his wife Mirielle Cervenka (who later renamed Exene Cervenka), to their punk-era jewelry brand LHOOQ and his lasting influence on gothic fashion.

La grande fiera TEFAF si tiene a New York da 10 anni. Come sarà l’edizione 2026?

TEFAF New York returns to the Park Avenue Armory from May 15–19, 2026 (with a collector preview on May 14), marking the fair's tenth anniversary. The 2026 edition will host 88 top international galleries from 15 countries across four continents, offering museum-quality selections of modern and contemporary art, jewelry, antiques, and design. Highlights include Andy Warhol's Mao (1973) at ML Fine Art, Cecily Brown's Functor Hideaway (2008) at Berggruen Gallery, and a 2026 work by Minjung Kim at Voena. The fair also extends into the Armory's historic period rooms, and the TEFAF Museum Restoration Fund will support the conservation of a Medici tapestry owned by the Minneapolis Institute of Art.

With New Tribeca Outpost, Gratin Gallery Doubles Down on Young Artists

Gratin Gallery, founded by Talal Abillama, is opening a new outpost in Tribeca at 15 White Street, leased for ten years. The space will debut on May 15 with “Blinds and Shutters,” the first U.S. solo exhibition of Spanish sculptor Mónica Mays. The gallery, which started on Avenue B in 2022 and later moved to Grand Street, is expanding despite a challenging art market. Abillama cites the need to be closer to collectors who avoid the 15-minute walk from Tribeca to Chinatown. The new location sits near Luhring Augustine and Ortuzar Projects, and will officially open in November after renovations.

Timeless Meets Timely at TEFAF New York 2026

TEFAF New York returns to the Park Avenue Armory from May 15–19, 2026, with an invitation-only preview on May 14. The fair features 88 international exhibitors from 14 countries across four continents, showcasing a wide range of collecting categories including art, antiquities, design, and jewelry. Highlights include a new abstract canvas by Minjung Kim, a glass mosaic by Shahzia Sikander, ancient Egyptian and Roman works, and pieces by modern masters such as Jean Dubuffet, Martin Kippenberger, Pierre Soulages, Barbara Hepworth, John Chamberlain, and Cecily Brown.

Leonora Carrington’s Enigmatic Sculptures Get a Rare Outing in New York

L’Space Gallery in New York is presenting “Shape of Dreams: Sculptures by Leonora Carrington,” a rare exhibition focused on the British Mexican Surrealist’s bronze sculptures and jewelry, on view through June 27, 2026. Produced with Consigna Gallery of Mexico City and the Leonora Carrington Council, the show includes works such as *The Palmist* and *La Inventora del Atole*, alongside a selection by her son Pablo Weisz Carrington. An interactive Tarot Reading Booth, featuring a deck designed by Carrington and an A.I. reconstruction of her voice, anchors the exhibition.

Sheila Hicks’s Cosmic Art Jewelry Comes To The Venice Biennale

Artist Sheila Hicks is presenting a new collection of jewelry, titled "Cosmic Jewelry," at the Venice Biennale, developed with Elisabetta Cipriani Gallery, London. The collection debuted on May 6 at the Monaco & Grand Canal Hotel during the opening of the 61st International Art Exhibition of La Biennale di Venezia, alongside works by other artists such as Giorgio Vigna and Michele Oka Doner. Known for her monumental textile-based works, Hicks has translated her signature use of thread and fiber into wearable art, creating brooches and necklaces that incorporate gemstones and minerals, produced with Atelier L & L. The pieces draw from her larger-scale "Boules" and "memory bundles," reflecting a two-year process of rethinking proportion and movement for bodily adornment.

Coveted Rothko From Robert Mnuchin’s Collection Nets $85.8 Million in New York

A major Mark Rothko painting, *Brown and Blacks in Reds* (1957), from the collection of the late financier and dealer Robert Mnuchin, sold for $85.8 million at Sotheby’s New York, becoming the second-highest price ever achieved for the artist at auction. The work, estimated at $70–100 million, was part of an 11-lot sale dedicated to Mnuchin’s collection, which also includes works by Willem de Kooning, Pablo Picasso, and Franz Kline. A phone bidder won the painting, with Helena Newman, chairman of Sotheby’s Europe, handling the bid.

What Works of Art Sank Aboard the Titanic?

Quelles sont les œuvres d’art englouties à bord du Titanic ?

The RMS Titanic, which sank in 1912, was carrying over 300 paintings, drawings, prints, and art objects according to its cargo manifest. The most famous artwork lost was the 1814 neoclassical painting 'La Circassienne au bain' by French artist Merry-Joseph Blondel, owned by Swedish businessman Mauritz Håkan Björnström-Steffansson, which was insured for $100,000. Also lost was the legendary 'Grand Omar,' a jewel-encrusted luxury edition of the Rubaiyat of Omar Khayyam, created by the London bindery Sangorski & Sutcliffe.

Architectural Competition for Louvre ‘New Renaissance’ Project Reportedly Set to Relaunch in May

The international architectural competition for the Louvre Museum's $778 million 'New Renaissance' renovation project is set to relaunch in mid-May, according to a report in Le Figaro. The jury will convene on May 13 to assess proposals from five shortlisted firms, ending a period of uncertainty and delays caused by staff unrest, leadership upheaval following a major jewel theft, and the French municipal elections. The project, championed by President Emmanuel Macron, aims to modernize the museum and reduce overcrowding.

Watch: Wallace Chan returns to the Venice Biennale with ‘Vessels of Other Worlds’

Wallace Chan returns to the Venice Biennale for the fourth time with 'Vessels of Other Worlds', a two-city exhibition opening at the Chapel of Santa Maria della Pietà in Venice on 8 May 2026 and continuing at the Long Museum West Bund in Shanghai from 18 July, coinciding with the artist's 70th birthday. Curated by James Putnam, the project features large-scale titanium sculptures that explore material transformation, perception, and metaphysical space, including a live video link between the two venues and an inhabitable mirrored sculpture at the Long Museum.

Sotheby’s Posts $433 Million Haul, as Trophy Lots Continue to Carry the Market

Sotheby's May 2025 evening auctions in New York generated $433.1 million, a 132.7% increase over the same sales last spring, despite offering fewer lots. The evening featured an 11-lot sale from the collection of the late banker-turned-dealer Robert Mnuchin, which alone brought in $166.3 million, led by Mark Rothko's "Brown and Blacks in Reds" (1957) selling for $85.8 million. The main contemporary art auction, including "The Now" sale, totaled $266.8 million, with over 80% of lots guaranteed. Four works went unsold and one was withdrawn, yielding a 91% sell-through rate.

Frieze New York will Open With 68 Galleries from 26 Countries, and Other News.

Frieze New York will open on May 13, 2026, at The Shed with 68 galleries from 26 countries, marking its 15th edition. The fair emphasizes Central and South American galleries, supported by new committee members Fátima González and Omayra Alvarado, alongside blue-chip exhibitors like Gagosian, Hauser & Wirth, and Pace. In other news, Phillips set a watch auction record with its $96.3 million Geneva sale, the Met Gala generated $1.56 billion in media value, and ICFF announced a November 2027 edition. Tiffany & Co. and the CFDA launched a new jewelry design scholarship.